Costco Gold Bars Spark Buying Craze
As a reputable wholesale dealer, Costco is in a unique position to offer gold bars at a lower premium than your average distributor. The company recently capitalized on their reputation, taking their first steps to enter the precious metals market.
Costco gold bars are limited in number, and some customers report that Costco gold bars sell out almost immediately on the company’s website. The gold bars from Costco are limited in variety and also come with a restricted return policy. Additionally, customers are only able to buy one gold bar per membership.
These limitations didn’t stop Costco gold bars from quickly becoming one of the wholesale distributor’s most profitable items this quarter, though.
CNBC reports that sales for Costco gold bars topped $100 million in the company’s first quarter of offering gold bars for sale. What does this mean for the gold industry and customers looking to secure cheap gold bars? Let’s take a look in today’s Bullion Academy news guide.
Costco Smashes Projections With Quarterly Gold Bar Sales
Costco’s addition of gold bars to their expansive inventory was met with near immediate success. Aside from selling out almost immediately each time new gold bars were added to the company’s website, new numbers reveal the full scale of Costco’s entry on the gold market.
Costco CFO Richard Galanti commented that sales for Costco gold bars topped $100 million in the final quarter of 2023. While this doesn’t necessarily make Costco the world’s biggest gold seller, it makes them a major contender and a big force on the ever-changing gold market.
Costco Gold Bars – Are They a Good Deal?
Costco initially caught the attention of gold stackers when the company began selling two gold bars. PAMP Suisse Lady Fortuna and Rand Refinery were the first Costco gold bars to hit shelves. They sold out almost immediately; their CFO stated in one interview that their gold bars are generally sold out completely within just a few hours.
Where prices are concerned, Costco gold bars are sold at close to the markup you’d find on other bullion dealer websites. It’s also worth noting that Costco’s gold bars are only available to members. Costco yearly memberships currently cost $120 per year, but rumors continue to swirl that this fee might increase in the near future.
How to Buy Costco Gold Bars
To buy gold bars from Costco, you’ll first need an account. Gold stackers who are concerned about rising premiums for gold bars have flocked to Costco, hoping that the company might sell them gold bars without additional premiums over spot price.
Membership fees cost $120 per year, so be sure to factor this into your calculations when budgeting for a brand new gold bar from Costco. We recommend that investors who want to buy Costco gold bars avoid buying a new membership just for their gold purchase. Because Costco is a wholesale dealer, investors might be able to leverage their membership into additional savings by shopping regularly at the store.
Where to Find Cheap Gold Bars
Costco isn’t the only gold dealer looking to capitalize on increased demand for the world’s most popular precious metal.
Dealers like Hero Bullion are always slashing prices to provide customers with an easier way to buy and sell the gold bars and coins that they love. Our competitive pricing models, affordable and secure shipping, and dedicated customer support team help to make Hero Bullion the go-to gold dealer for investors all over the United States.
Does Costco Sell Silver?
Surprisingly, Costco also sells silver. For the American Silver Eagle 20-count, Costco members are limited to two products per membership.
Costco selling silver is a pretty big deal. In addition to Costco gold bars, the company continues to expand their precious metals inventory with various silver coins from around the world. Costco’s offerings seem limited to the national coins of the country they’re based in. Costco Canada, for example, sells the Canadian Silver Maple.
Final Thoughts: What’s the Future of Costco’s Gold Program?
If the fourth quarter of 2023 was a trial run for Costco’s gold bar program, it’s pretty clear that the experiment was a success. Costco follows in the footsteps of other grocery stores in its efforts to expand its inventory to include precious metals. Both Walmart and the internet shopping tycoon Amazon have begun offering gold bars and coins for sale.
But considering the quick sellouts, limited selection, and average pricing models, most investors won’t get the chance to buy gold bars with Costco.
Hero Bullion’s inventory of gold bars is always in-stock – and constantly expanding. We’re happy to help you find the perfect gold bar for your collection. Please don’t hesitate to contact our customer service team with any additional questions you may have.
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About The Author
Michael Roets is a writer and journalist for Hero Bullion. His work explores precious metals news, guides, and commentary.